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Maybe take an extra-long lunch break once a month every month or two and take everyone out to lunch or bowling or something? A fun activity on company time. If it's a monthly thing, it's rare enough to not cost you too much but it's still fun.
And yes, genuine praise and appreciation's the best. :)
A coffee maker. Seriously. We have a Keurig in our group room at work with unlimited K cups that our boss buys, and it makes us SO HAPPY. It's kinda sad actually, but our coffee/hot chocolate breaks get us through the day :)
We also have a yearly holiday dinner with our SOs invited, and a yearly trip to the beach or something during the summer. The summer day trip is cheap.. we bring our own food during the day then usually end up going out to eat or something but paying for ourselves. We also play volleyball or other fun games. It's really nice to get away for the day, the the boss gives this big speech, and morale is boosted... for a couple months at least haha
our boss brings in timbits for everyone in the morning. and the co-boss brings in homemade cookies/rice krispies/etc on fridays. :') so awesome. also they remember all our names and treat us with genuine respect.
for our offices, we have supplied group private yoga classes and personal training - good for team bonding and healthy. ive also had a mobile massage lady come in so everyone got a 15min massage at a stressful time, we often have a office bbq or provided lunch and we have service awards (cash cards)
we are about to move into new offices and ive lobbied hard for a very nice coffee machine (im not a coffee drinker) as i KNOW the staff will love it and dont forget recognition and praise - people dont mind working the extra mile if its acknowledged and appreciated
oh and i bake for the office almost every week - this week its maple syrup cookies dipped in chocolate
Honestly, I'm not super social so while these social ideas might work for some, it wouldn't matter much to me... more than anything I like feeling appreciated and that my work is acknowledged. I'm a cashier at Walmart and I hear from at least one customer a day that I'm a great cashier, but the supervisors and bosses (while they are very nice) rarely take notice of a job well done. So lots of praise, and when they do something wrong, instead of accusing, suggest a way to work on it. Mistakes happen and at most jobs I've been in, bosses aren't all that nice about mistakes.
You might already do these things, but the reason I like my supervisors at my current job is that they don't just lay out blame for mistakes, they're gentle about it and suggest improvements in problem areas. So keep that in mind :)
ETA: Oh, one more thing, haha. Backing up your employees is super important. I've had jobs where I say sorry, we can't do this or sorry, I we don't have those here (and I'm just doing what I was trained to do), and the boss comes along and improvises something that makes me look bad, sometimes going against the policies I was taught. If the employee does happen to be wrong, make sure you let them know later and not in front of the customer or client.
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I co-own a small business and am trying to boost morale. What makes you happy at work? Please give me ideas (preferably low cost).